Over time, the worth of a house will go up and down.
By and large, property values appreciate in the long term.
But, of course, in real estate there is always a certain amount of risk.
When your property appreciates you have more equity to borrow against, and you'll produce a bigger profit when you sell.
There are many different reasons why property values in Burlington rise and fall. So, how will you be sure what you're purchasing this year will appreciate over time?
It's critical that you pick a real estate agent in Burlington who understands the factors that influence local prices.
What is the greatest factor impacting real estate appreciation? Many believe that it's the economy.
there are a handful of factors on a national level that alter your property's value: unemployment, mortgage rates, the stock market, and more.
But the most important issues that determine your home's value are specific to the local Burlington economy and housing market.
Access to services - Convenient access to schools, work and amenities like shopping, restaurants and entertainment is a big deal to a lot of families and will greatly influence home values.
So when it comes to retaining their value, these areas often appreciate the best.
The latest home sales - You should receive figures on the recent real estate sales in the districts that you're asking about from your real estate agent. You'll want to learn data like time on market and asking price as opposed to selling price.
History of appreciation - In the past 5 to 10 years, have property prices risen or declined? Does location or affordability affect how desirable the area is considered?
Local economy - Is there a good mixture of job types in an area, or does it depend on just one industry? Have companies moved into or away from an area? Are local businesses hiring?
All these play a part.